Bangladesh’s earnings from ready-made garment (RMG) exports witnessed a healthy growth to hit $28.49 billion during the July-April period of the current fiscal year (FY) 2018-19. The earnings from this sector during the said period increased by 12.59 percent from $25.30 billion during the corresponding period in the previous fiscal, Export Promotion Bureau (EPB) data revealed.
The earnings also exceeded the $26.74 billion target set for the period by 6.53 percent. Industry insiders and analysts said regular support from the government is continuously pushing up the export earnings from the sector. Higher rates of sterling pound, US dollar and Euro also contributed to the steady rise, they added.
Meanwhile, the knitwear export stood at $14.08 billion during July-April period in FY 2018-19, posting a 12.32 percent growth from $12.54 billion over the same period of the previous fiscal year. Export earnings from the woven fabric rose by 12.85 percent to $14.40 billion in the period from $12.76 billion in the same period of the previous fiscal.
Knitwear and woven export earnings crossed the target by 6.59 percent and 6.46 percent respectively. The figures were $13.21 billion (knitwear) and $13.53 billion (woven) correspondingly. Former Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Siddiqur Rahman said, “The readymade garments industry is witnessing a good progress over the time as the country is creating a good image across the world for running environment-friendly industry.”
He said the country needs some fiscal support from the government, including reducing the timeframe to discharge export items from ports as well as improving communication systems which can help boost the export flow further. BGMEA president Rubana Huq told Bangladesh Post that RMG products’ costs are increasing gradually as the international brands demand more spending on improving quality of products and working environment.
She mentioned that foreign buyers are reluctant to pay more keeping pace with rising expense of manufacturing products in last decade. Huq said local exporters are trying to motivate the global business partners to increase prices of products. This will help meet rising business cost and get more profit.
The BGMEA leader said they are now working to create new markets by promoting their products in order to raise export earnings.
